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UBS fined £940m over Libor rigging

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Swiss banking giant UBS has agreed to pay £940m to regulators in order to settle charges of manipulating Libor interest rates, fraud and paying bribes to brokers.

 

The penalty is the second-largest fine paid by a bank and is more than three times the £290m fine levied on Barclays in June for attempting to rig the Libor benchmark rate used to price financial contracts around the world. UBS' 1.4bn Swiss franc (£940m) fine includes a £160m payment to the Financial Services Authority, the largest penalty ever levied by the British watchdog, and $1.2bn paid to US authorities.

 

As part of the settlement, UBS' Japanese arm has agreed to enter a plea to one count of wire fraud relating to the manipulation of certain benchmark interest rates, including Yen Libor. The steep fine for UBS is despite the bank, since 2011, cooperating with law-enforcement agencies in their probes. The bank said it received conditional immunity from some regulators. In a statement on Wednesday, UBS said that certain personnel had "engaged in efforts to manipulate submissions for certain benchmark rates to benefit trading positions".

 

 

Link: http://www.telegraph.co.uk/finance/libor-scandal/9754614/UBS-fined-940m-over-Libor-rigging.html


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